Soured partnerships are always part and parcel of the business world today. This is because all the decisions taken are not always popular with both parties and may sometimes have a negative impact on one of the partners. Here are the three common problems that may arise from a business partnership establishment.
- Different management styles.
Partners’ having different management style is not supposed to be such a big deal. One type of partner can be a parental dynamic person. This means that he/she is an authoritarian, distant in nature, forward-thinking, and always looking to get everything done as soon as possible. On the other hand, we can have a “laissez faire” type of person who you can easily relate with, and always prefer establishing a serene type of company culture.
In truth, this is the perfect type of partnership, where one of the partners is responsible of enforcing and sometimes making the laws, which ensures that the canoe is steady and remains on course and in turn the other partner is obligated with keeping the workers happy, making them feel appreciated which results in a desirable environment condition that the company can thrive in.
Regrettably, in many cases, this system always backfires especially when both partners start getting tired of their responsibilities. There is also the possibility that one type of partner is missing or even worse both partners not having the leadership qualities.
- Personal habits
Personal habits can easily ruin a partnership business. When the company is at a startup stage, the partners can fail to set up their own personal rules that will lead to the business being administered without having too many problems. The problem arises when one of the partners have a personal problem e.g. alcohol problem, drug problem or a mental problem.
Because people are so different, there is no clear path that the partnership follows to solve such an issue whenever such a problem occurs and the best thing to do is to give each other time and space before deciding on the next course of actions.
- Financial problem
The nature of the partnership is always a problem that most parties get to face. The financial share may never be a 50/50 because one of the partners may have all the money needed during the startup and might only require a particular expertise skill. The million dollar question that most of the time lacks answer is how the partners will share the equity. The issues should always be solved way before further steps are taken into starting the business.